Question

Correct answers only!

To the nearest cent, how much will she have in 2 years?

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Answer: $6.62

Explanation:

This problem is very similar to the one I answered previously. We are given our p, r, and t.

p=6 ($6)

r=0.05 (5%)

t=2 (years)

With the given information, we can plug this into the equation:

B=p(1+r)^t

B=6(1+0.05)^2

B=6.615

Our final amount is $6.62.

Let me know if there are any problems.